DOGE didn’t have it’s day on 4/20
Crypto meme token Dogecoin has taken a big hit following all the hype leading up to its own celebratory day for fans and holders.
Granted, Dogecoin did crank to an all-time high yesterday, hitting $0.418 for the first time ever as fans pumped the meme-flavored token amid a flurry of hysteria.
However, since that giddy peak, DOGE slumped almost 32% to hit an intraday low of $0.285 in early trading on Wednesday, April 21.
Since then, the token has managed to recover slightly to trade at $0.335 at the time of writing. The big dump was inevitable following the token’s hype-fuelled pump of 250% over the past week.
DOGE is currently holding sixth in the market cap charts with $43 billion, according to Coingecko.
Elon Musk has added to the token’s momentum over recent months with Social Media comments supporting the Meme coin.
It’s inevitable pic.twitter.com/eBKnQm6QyF
— Elon Musk (@elonmusk) July 18, 2020
DOGE Day has been so large that mainstream media even picked it up with CNBC reporting that the joke coin has made “out of this world gains this year.”
According to CNBC, crypto bull and Galaxy Digital CEO Mike Novogratz stated that Dogecoin speaks to a lot of the same movement GME did. In late January, Reddit group ‘wallstreetbets’ pumped the GameStop stock off the chart as a buying frenzy mounted. Eventually it didn’t end to well for those that jumped on that particular bandwagon though.
DOGE is currently holding sixth in the market cap charts with $43 billion, according to Coingecko. This puts the token that was created as a joke above solid real-world blockchain networks Cardano and Polkadot.
Dogecoin
$0.10
